Commonwealth of Australia CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014

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1 Commonwealth of Australia CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 CIRCULATED BY SENATOR THE HONOURABLE MATHIAS CORMANN MINISTER FOR FINANCE OF THE COMMONWEALTH OF AUSTRALIA NOVEMBER 2014

2 Commonwealth of Australia 2014 ISBN This publication is available for your use under a Creative Commons Attribution 3.0 Australia licence, with the exception of the Commonwealth Coat of Arms, the Department of Finance logo, photographs, images, signatures and where otherwise stated. The full licence terms are available from licenses/by/3.0/au/legalcode. Use of Department of Finance material under a Creative Commons Attribution 3.0 Australia licence requires you to attribute the work (but not in any way that suggests that Finance endorses you or your use of the work). Department of Finance material used as supplied. Provided you have not modified or transformed Department of Finance material in any way including, for example, by changing the Department of Finance text; calculating percentage changes; graphing or charting data; or deriving new statistics from published Finance statistics then Department of Finance prefers the following attribution: Source: The Australian Government Department of Finance. Derivative material If you have modified or transformed Department of Finance material, or derived new material from those of the Department of Finance in any way, then Department of Finance prefers the following attribution: Based on The Australian Government Department of Finance data. Use of the Coat of Arms The terms under which the Coat of Arms can be used are set out on the It s an Honour website (see Internet The Consolidated Financial Statements are available on the Department of Finance website at: Printed by Canprint Communications Pty Ltd.

3 CONTENTS PREFACE... 1 COMMENTARY ON THE FINANCIAL STATEMENTS... 5 Introduction... 7 Discussion and analysis... 9 CONSOLIDATED FINANCIAL STATEMENTS, INCLUDING THE AUSTRALIAN GOVERNMENT (WHOLE OF GOVERNMENT) AND GENERAL GOVERNMENT SECTOR FINANCIAL REPORTS Independent audit report Statement of compliance Australian Government operating statement Australian Government balance sheet Australian Government cash flow statement Australian Government statement of changes in equity SECTOR STATEMENTS Australian Government operating statement by sector including General Government Sector Financial Report Australian Government balance sheet by sector including General Government Sector Financial Report Australian Government cash flow statement by sector including General Government Sector Financial Report Australian Government statement of changes in equity General Government Sector NOTES TO THE FINANCIAL STATEMENTS iii

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5 PREFACE I am pleased to present the Consolidated Financial Statements (CFS) for the Australian Government for the financial year ended 30 June The CFS presents the whole of government and general government sector (GGS) financial reports. It consolidates the audited accounts of 205 entities across the public sector. The CFS has been prepared in accordance with the regulations of the Financial Management and Accountability Act 1997 (FMA Act) and applicable Australian Accounting Standards (AAS), including the requirements of AASB 1049 Whole of Government and General Government Sector Financial Reporting (AASB 1049). The CFS shows the results of the Australian Government s operations and cash flows for the year ended 30 June 2014 and the Australian Government s financial position as at 30 June The Preface and the Commentary on the Financial Statements should be read in light of the information and explanations provided in the Statement of Compliance and the CFS. FISCAL BALANCE The Australian Government fiscal balance for the year ended 30 June 2014 was a deficit of $42.2 billion. For the year ended 30 June 2013, the Australian Government reported a fiscal balance deficit of $28.0 billion. $billion 30 Consolidated fiscal balance 1 $billion The reporting of consolidated fiscal balance commenced in when the consolidated financial statements were prepared in accordance with the whole of government requirements of AASB 1049 for the first time. The results were restated consistent with this standard in the CFS. 1

6 Preface Australian Government taxation revenue increased by $14.7 billion (4.4 per cent) in , reflecting an increase in taxes from individuals, goods and services tax, company and excise-like customs duty. Non-taxation revenue increased by $1.1 billion (3.0 per cent). Australian Government expenses increased by $25.5 billion (6.5 per cent) in This was mainly driven by an $18.1 billion increase overall in current and capital transfers, a $4.2 billion increase in operating expenses, a $1.7 billion increase in interest expenses and a $1.5 billion increase in superannuation interest expenses. The increase in current and capital transfers was due to a growth of $8.0 billion in personal benefits; $9.0 billion in current and capital grants; and $1.1 billion in subsidy expenses. Within operating expenses, supply of goods and services grew by $4.8 billion, wages and salaries grew by $0.7 billion, partially offset by a decrease in superannuation expense of $1.8 billion, and smaller movements in other line items. In addition, the Australian Government s net acquisition of non-financial assets increased by $4.5 billion. BALANCE SHEET The Australian Government s net worth was negative $264.3 billion at 30 June As at 30 June 2013, the Australian Government s net worth was negative $210.5 billion. $billion Australian Government net worth position $billion The Australian Government s financial assets increased by $49.5 billion (16.3 per cent) in Total non-financial assets increased by $9.5 billion (7.4 per cent). The Australian Government s liabilities increased by $112.8 billion (17.6 per cent) to $754.1 billion. The increase is primarily as a result of an increase in interest bearing 2

7 Preface liabilities of $82.2 billion (26.1 per cent) which includes a $62.5 billion increase in the value of Commonwealth Government Securities and an increase in interest bearing deposits of $18.4 billion. Provisions and payables increased by $30.6 billion (9.4 per cent) mainly due to an increase in the superannuation liability of $28.3 billion. CASH FLOW The Australian Government recorded a cash deficit of $40.1 billion in from operating activities and investing activities in non-financial assets. The closing cash position was $4.5 billion. CONTINGENT LIABILITIES, CONTINGENT ASSETS AND RISKS Contingent liabilities and contingent assets for the Australian Government are not disclosed in the balance sheet but are set out in detail in Note 36. Analysis of interest rate, foreign currency, default and other risks that could potentially impact on the Australian Government s financial position is included in Note 37. I would like to thank the many Australian Government employees whose efforts have contributed to the completion of the CFS. Senator the Hon Mathias Cormann Minister for Finance 3

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9 COMMENTARY ON THE FINANCIAL STATEMENTS

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11 INTRODUCTION The Consolidated Financial Statements (CFS) for the Australian Government are required by section 55 of the Financial Management and Accountability Act 1997 (FMA Act). 1 The CFS presents the whole of government and general government sector (GGS) financial reports and are prepared in accordance with the Australian Accounting Standard AASB 1049 Whole of Government and General Government Sector Financial Reporting (AASB 1049). The financial report includes consolidated results for all Australian Government controlled entities as well as disaggregated information on the various sectors of government (general government, public non-financial corporations and public financial corporations). The institutional structure of the public sector is explained in Note 1. Note 45 provides the list of Australian Government controlled reporting entities, including their sectoral classification. At a glance Table 1: Financial results for the year ended 30 June ( to ) $b $b $b $b $b Revenue Expenses Net capital investment Fiscal balance (59.4) (52.4) (46.3) (28.0) (42.2) Total assets Total liabilities Net worth (53.9) (103.1) (256.9) (210.5) (264.3) Operating activities (44.3) (33.7) (29.6) (10.3) (27.5) Investing activities in non-financial assets (12.5) (11.5) (12.5) (9.2) (12.6) Cash surplus/(deficit) (56.8) (45.2) (42.1) (19.5) (40.1) 1 The Financial Management and Accountability Act 1997 was replaced by the Public Governance, Performance and Accountability Act 2013 (PGPA Act) on 1 July The PGPA Act will be applied to the Consolidated Financial Statements onwards. 7

12 Commentary on the financial statements The Australian Government financial results for were as follows: The fiscal balance result for the year to 30 June 2014 was a deficit of $42.2 billion. 2 For the year ended 30 June 2013, the Australian Government reported a fiscal balance deficit of $28.0 billion. Total revenues for were $386.2 billion, an increase of $15.7 billion (4.2 per cent) compared to Total expenses for were $419.4 billion, an increase of $25.5 billion (6.5 per cent) compared to Net acquisition of non-financial assets for were $9.0 billion, an increase of $4.5 billion (99.2 per cent) compared to The Australian Government s closing net worth position was negative $264.3 billion at 30 June 2014, a decrease of $53.8 billion since 30 June Total assets increased by $58.9 billion (13.7 per cent) since 30 June 2013 to $489.8 billion at 30 June Total liabilities increased by $112.8 billion (17.6 per cent) since 30 June 2013 to $754.1 billion at 30 June The cash deficit was $40.1 billion, an increase of $20.6 billion compared to Unless explicitly stated, the financial results reported in this commentary comprise consolidated amounts for the Australian Government as a whole, inclusive of the general government sector, public non-financial corporations sector and public financial corporations sector. The balances and movements detailed in the commentary have been rounded to the nearest tenth of a billion. Discrepancies between totals and sums of components are due to rounding. 8

13 Commentary on the financial statements DISCUSSION AND ANALYSIS Operating statement Table 2: Operating statement Change Change $b $b $b % Revenue Expenses Net operating balance (33.2) (23.5) (9.7) 41.3 Less Net acquisitions of non-financial assets Australian Government fiscal balance (42.2) (28.0) (14.2) 50.7 The fiscal balance for the year to 30 June 2014 was a deficit of $42.2 billion. For the year ended 30 June 2013, the Australian Government reported a fiscal balance deficit of $28.0 billion. The decline in the fiscal balance between and reflects an increase in total expenses by $25.5 billion and an increase in the net acquisition of non-financial assets of $4.5 billion, partially offset by an increase in total revenues of $15.8 billion. The increase in expenses was largely due to the rise in the purchase of goods and services, the increase in grants and the growth in direct personal benefits. The increase in revenues was primarily due to an increase in taxation revenue flowing from the modest growth in employment and wages and personal non-wage income; and a small increase in the sale of goods and services. The increase in the acquisition of non-financial assets is due to procurement activity in the Department of Defence (Defence) and National Broadband Network Co Ltd (NBN Co) construction projects. Chart 1 provides a comparison of the Australian Government s consolidated fiscal balance since

14 Commentary on the financial statements $billion 30 Chart 1: Consolidated fiscal balance 3 $billion Chart 2 provides a trend of the Australian Government s consolidated revenues and expenses since $billion 450 Chart 2: Revenue and expenses $billion Expenses Revenue The reporting of consolidated fiscal balance commenced in when the consolidated financial statements were prepared in accordance with the whole of government requirements of AASB 1049 for the first time. The results were restated consistent with this standard in the CFS. 10

15 Commentary on the financial statements Australian Government revenue The Australian Government s revenue increased by $15.8 billion (4.2 per cent) in to $386.2 billion. Table 3: Revenue Change Change $b $b $b % Taxation revenue Non-taxation revenue Total revenue Chart 3 shows the composition of revenue since $billion Chart 3: Composition of revenue $billion Taxation revenue Non-tax ation revenue 11

16 Commentary on the financial statements Taxation revenue The Australian Government total taxation revenue for the year ended on 30 June 2014 was $349.1 billion. The composition of taxation revenue is shown in Chart 4 below. Chart 4: Composition of taxation revenue Custom duty 3% Company tax 20% Sales taxes 16% Excise duty 7% Other* 6% Individuals and other withholding taxation 48% *Other includes Resource Rent Tax ($1.8b), Fringe Benefits Tax ($4.3b), Carbon Pricing Mechanism ($4.7b), Superannuation funds ($6.2b) and Other indirect taxation ($3.8b) categories Table 4: Australian Government taxation revenue Change Change $b $b $b % Income taxation Individuals and other withholding taxation Company tax Fringe benefits tax Superannuation funds (1.4) (18.7) Resource rent taxes (0.1) (5.3) Total income taxation Sales taxes Excise duty Custom duty Carbon pricing mechanism (0.3) (6.0) Other - indirect taxation Total taxation revenue

17 Commentary on the financial statements Taxation revenue increased by $14.7 billion (4.4 per cent) to $349.1 billion. The key movements in taxation revenue from to were: increase of $8.1 billion (5.1 per cent) from individuals and other withholding taxation. The growth in individuals and other withholding taxation is broadly consistent with the growth in personal non-wage income. In this grew by 4.9 per cent; increase of $5.5 billion in sales tax with the main contributor being a $5.3 billion (10.7 per cent) increase in goods and services tax (GST). This is in line with the growth in consumption subject to GST; increase of $0.8 billion (1.2 per cent) from company tax. Weaker corporate profitability, as well as resolving outstanding dispute matters, has impacted on the growth in company tax; increase of $1.1 billion (13.4 per cent) in customs duty mainly in relation to excise-like goods. This results from a higher volume of goods imported due to increased consumer demand, as well as the introduction of 12.5 per cent excise on tobacco from 1 December 2013; and decrease of $1.4 billion (18.7 per cent) from superannuation due to lower than expected taxable contributions and earnings as well as the resolution of some outstanding disputed matters. 13

18 Commentary on the financial statements Non-taxation revenue The Australian Government s total non-taxation revenue for the year ended on 30 June 2014 was $37.1 billion. The composition of non-taxation revenue is shown in Chart 5 below. Chart 5: Composition of non-taxation revenue Other 18% Dividend income 7% Interest income 12% Sales of goods and serv ices 63% Table 5: Non-taxation revenue Change Change $b $b $b % Sales of goods and services Interest income (0.2) (4.3) Dividend income Other (0.1) (1.4) Total non-taxation revenue Total non-taxation revenue increased by $1.1 billion (3.0 per cent) to $37.1 billion. The key movements in non-taxation revenue from to were as follows: increase of $1.1 billion in sales of goods and services revenue mainly associated with: an increase of $1.3 billion in sales revenue from public corporations, including $0.5 billion in Australia Postal Corporation (Australia Post) revenue driven by growth in its parcel business, and an increase of $0.7 billion increase in Medibank Private Limited (Medibank) health insurance revenue; an increase of $0.4 billion in visa application fee revenue due to the consumer price index increase on the visa application charges from 1 July 2013; and 14

19 Commentary on the financial statements an increase of $0.1 billion in housing inventory sales in Defence Housing Australia; and partially offset by; a decrease of $0.6 billion in revenue from unclaimed monies under the Banking Act 1959, Life Insurance Act 1995 and Corporations Act 2001, resulting from the changes reducing the period of time that banks and other deposit taking and life insurance institutions hold unclaimed moneys from seven to three years, as well as changes to the administrative arrangements for unclaimed monies under the Corporations Act 2001; and a decrease of $0.3 billion for the wind down of deposit and wholesale funding fees administered by the Department of the Treasury. increase of $0.3 billion in dividend income primarily from collective investment vehicles, particularly private equity funds and infrastructure funds in the Future Fund investment portfolio; decrease of $0.1 billion in other revenue primarily driven by the decrease in revenue from unclaimed superannuation accounts mainly as a result of the changes to the operation of lost superannuation account provisions; and a decrease of $0.2 billion in interest revenue, including: a $0.1 billion reduction in realised gains on the Australian Government Nation Building Funds; a reduction of $0.1 billion interest from the Future Fund Management Agency (Future Fund) portfolio, and a $0.2 billion decrease in interest from residential mortgage backed securities investments held by the Australian Office of Financial Management (AOFM). These decreases were partially offset by a $0.3 billion increase primarily in Australian dollar securities held by the Reserve Bank of Australia (RBA). 15

20 Commentary on the financial statements Australian Government expenses Chart 6 below shows the composition and the trend for expenses since Chart 6: Expenses $billion $billion Current and capital transfers Gross operating Interest The Australian Government s total expenses for the year ended on 30 June 2014 were $419.4 billion. The composition of expenses is shown in Chart 7 below. Chart 7: Breakdown of expenses year ended 30 June Subsidies 3% Personal benef its 30% Gross operating 31% Grants 30% Interest 6% 16

21 Commentary on the financial statements Table 6: Expenses Change Change $b $b $b % Gross operating Interest Current and capital transfers Grants Personal benefits Subsidies Total expenses The Australian Government s total expenses increased by $25.5 billion (6.5 per cent) in comparison to Current and capital transfers increased by $18.1 billion (7.3 per cent) to $266.7 billion. The key changes in current and capital transfers from to were as follows: an increase of $8.0 billion in personal benefits expense. This includes a $3.0 billion increase in the age pension; a $1.5 billion increase in jobseeker income support; a $1.1 billion increase in the disability support pension; a $0.7 billion in carer payments; and a $0.4 billion increase in the family tax benefit; an increase of $9.0 billion in current and capital grants. The primary contributors to the increase included: a $5.3 billion increase in grants to State and Territory Governments, which includes: increase of $3.1 billion in general revenue assistance; $2.7 billion for road investment; $0.5 billion increase for rail transport; $1.2 billion in Government and non-government school support; $0.5 billion in assistance to the States for healthcare services. These increases were offset by decreases of $1.5 billion for natural disaster relief and $1.0 billion for financial assistance grants to local Governments; a $0.8 billion increase of grants to non-profit institutions, including: increases of $0.1 billion in support for the child care system; $0.6 billion for home support; $0.1 billion for indigenous land and housing; and $0.2 billion for indigenous education, well being and community safety; partially offset by a reduction of $0.1 billion for regional development; a $0.3 billion increase in grants to local government for road infrastructure; a $0.5 billion increase in grants to the multi-jurisdictional sector including $0.3 billion for the Commonwealth grants scheme and higher education support and $0.3 billion for the University Superannuation Programme. 17

22 Commentary on the financial statements a $1.7 billion increase in mutually agreed write-downs, primarily penalty and interest charge remissions by the Australian Taxation Office (ATO); and a $0.4 billion increase in other grants across a number of agencies. the $1.1 billion increase in subsidy expenses includes: $0.4 billion for the stronger uptake of the research and development tax incentive; $0.3 billion for the fuel tax credits scheme and $0.4 billion for free permits associated with the carbon price scheme. Gross operating expenses increased by $4.2 billion (3.4 per cent) to $128.8 billion. The key changes in gross operating expenses from to were as follows: the supply of goods and services expense increased by $4.8 billion, including: a $1.0 billion increase in Defence sustainment and other costs; a $0.4 billion increase in costs associated with facility management fees for detention centres; a $0.4 billion increase in claims and medical services processed by Medibank Private; an increase of $0.6 billion for Medicare services; a $0.5 billion increase for pharmaceuticals and pharmaceutical services; a $0.3 billion increase in the cost of Australia Post services; and a $0.3 billion increase for the NBN. These increases were partially offset by savings across a number of entities; wages and salaries increased by $0.7 billion, primarily due to an increase in separation costs across a number of agencies; depreciation and amortisation expenses grew by $0.3 billion consistent with the increase in non-financial assets; and the current service cost of the Australian Government s unfunded superannuation provisions decreased by $1.8 billion. The current service cost recognises the increase in the superannuation liability that results from employee service in the reporting period. As the calculation of the amount is based on a present value, it is sensitive to changes in the discount rate used for the calculation. 4 The longer the length of service, the greater the impact of discount rate changes. Therefore, the decrease in current service cost was largely in the Public Sector Superannuation Scheme (closed in 2005) and the Military Superannuation and Benefits Scheme. Superannuation interest expenses increased by $1.5 billion (22.1 per cent) during to $8.2 billion. This was largely attributable to a higher discount rate at the beginning of compared to Under AASB 119, the expenses recognised in the Operating Statement, including the current service cost and the nominal interest on superannuation, are determined with reference to the yield on government bonds (discount rate) at the start of the reporting period (4.3 per cent in ; 3.1 per cent in ), with the change in interest rates reflected as an actuarial revaluation in Other Economic Flows. 18

23 Commentary on the financial statements Interest expenses increased by $1.7 billion (11.9 per cent) during to $15.6 billion reflecting the interest associated with the issuance of Treasury Bonds recognised and an increase in exchange settlement balances held with the RBA. Chart 8 below provides a presentation of total expenses based on how the Australian Government allocated resources across the range of policy areas. The chart highlights the relative cost of each function for compared with the previous year. Chart 8: Total expenses by function Mining, manufacturing and construction Agriculture, forestry and fishing Recreation and culture Public order and safety Housing and community amenities Fuel and energy Other economic affairs Transport and communication Defence General public services Education Health Other purposes Social security and welfare $billion

24 Commentary on the financial statements Australian Government other economic flows Table 7: Other economic flows Change Change $b $b $b % Net write-downs of assets (7.4) (7.4) 0.0 (0.2) Revaluation of equity investments 0.3 (0.6) 0.9 (146.3) Net foreign exchange gains/(losses) (0.2) 1.7 (1.9) (114.6) Actuarial revaluation of superannuation (13.0) 50.4 (63.4) (125.8) Revaluations of non-financial assets Other (2.1) 25.0 (27.1) (108.2) Total other economic flows (21.2) 69.8 (90.9) (130.3) The Australian Government reported a net loss of $21.2 billion in other economic flows in , a $90.9 billion change from The $63.4 billion change in the actuarial revaluation of superannuation primarily relates to discount rate changes. Under the accounting standards, the superannuation liability is calculated using a discount rate based on current long-term government bond rates. Movement in the discount rate can cause significant movements in the valuation of the liability. In , the discount rate decreased from 4.3 per cent to 4.1 per cent (increasing the liability and reducing net worth) while in , the discount rate increased from 3.1 per cent to 4.3 per cent (reducing the liability and improving net worth). The actuarial assumptions applied in the calculation of the Australian Government s liability are detailed in Note 38. The major contributor to the Other $27.1 billion reduction in net worth is the relative change in the market valuation of debt of $15.2 billion, reflecting movements in interest rates, and a $7.8 billion change in indexation arrangements for military superannuation. Australian Government net acquisition of non-financial assets Table 8: Net acquisition of non-financial assets Change Change $b $b $b % Purchases of non-financial assets less Sale of non-financial assets (1.4) (77.8) less Depreciation plus Change in inventories and other movements (0.3) (30.0) plus Other movements in non-financial assets Total net acquisition of non-financial assets The Australian Government s net acquisition of non-financial assets showed an increase of $4.5 billion to $9.0 billion in This change was reflected in the increase of purchases of non-financial assets, mainly for Defence related acquisitions and the construction of the NBN. The decrease in sales of non-financial assets is reflective of lower than prior year activity for the auction of spectrum licences. 20

25 Commentary on the financial statements Balance sheet The Australian Government s net worth decreased by $53.8 billion in to produce a closing negative net worth of $264.3 billion. Table 9: Balance sheet Change Change $b $b $b % Financial assets Non-financial assets Total assets Interest bearing liabilities Provisions and payables Total liabilities Net worth (264.3) (210.5) (53.8) 25.6 The decline in net worth was reflected in the $82.2 billion increase in interest bearing liabilities; an increase of $30.5 billion in provisions and payables, primarily relating to superannuation; partially offset by an increase in financial assets. Chart 9 shows the movement and composition of the Australian Government s financial position over the last 7 years. Chart 9: Australian Government balance sheet $billion $billion Financial assets Non-financial assets Provisions and payables Interest bearing liabilities Net worth 21

26 Commentary on the financial statements Australian Government assets The Australian Government s total assets as at 30 June 2014 were $489.8 billion. The composition of assets is shown in Chart 10 below. Chart 10: Composition of assets Non-f inancial assets 28% Cash and deposits 1% Adv ances paid 7% Other receiv ables and accrued rev enue 9% Equity inv estments 8% Inv estments, loans and placements 47% Included in the above categories are the following items: Cash and Deposits - Cash at bank and cash on hand - Short-term deposits (generally less than 3 months) - Fund deposits at call Other receivables - Statutory receivables and recoverables; - Trade debtors Advances Paid are loans made for policy purposes rather than for liquidity management, including: - Student loans (including HELP); - Loans to State and Territory Governments; and - Subscriptions to international aid organisations. Equity investments constitute a financial claim on other entities and include: - Investments in public corporations (valued at DCF or net assets); - Future fund equity holdings; and - Investments in international financial institutions. Investments, Loans and Placements - Term deposits; - Investment debt securities (including Future Fund and Government Funds); - International Monetary Fund quota; and - Residential mortgage-backed securities. Non-financial assets - Land, buildings, plant, infrastructure and equipment; - Investment property; - Heritage and cultural assets; - Biological assets and assets held for sale are non-financial produced assets; - Specialist military equipment; - Intangibles (including software and other produced intangibles); - Inventories; and - Prepayments. 22

27 Commentary on the financial statements Table 10: Australian Government s assets Change Change $b $b $b % Financial assets Cash and deposits Advances paid Other receivables and accrued revenue Investments, loans and placements Equity investments Non-financial assets Total assets The Australian Government s total assets increased by $58.9 billion (13.7 per cent) since 30 June This included a $49.5 billion (16.3 per cent) increase in financial assets to $352.5 billion at 30 June 2014, and a $9.5 billion (7.4 per cent) increase in non-financial assets to $137.3 billion at 30 June This continues the trend of recent years where a greater proportion of the Australian Government s assets held are financial assets. The key movements in financial assets between 30 June 2013 and 30 June 2014 included the following: an increase of $38.5 billion in investments, loans and placements. This included a $38.9 billion increase in Australian dollar securities and foreign exchange holdings of the RBA and an increase of $3.3 billion in non-equity investments by the Future Fund. These increases were partially offset by a $2.4 billion decrease in deposit investments by the AOFM; an increase of $5.6 billion in equity investments. The increase mainly relates to an increased allocation in listed equities and listed managed investment schemes held by the Future Fund; and an increase of $4.8 billion in advances paid. This increase was mainly due to a $3.6 billion increase in the value of student loans under the HELP scheme and the residual amount is due to an increase in loans receivable across a number of agencies. The key movements in non-financial assets between 30 June 2013 and 30 June 2014 included the following: land at valuation increased by $0.4 billion; a movement of $1.6 billion for buildings mainly due to the finance lease arrangements for the rollout of the Single Living Environment and Accommodation Precinct (LEAP) project in Defence; 23

28 Commentary on the financial statements an increase of $4.8 billion in infrastructure, plant and equipment including an increase of $1.0 billion for specialist military equipment; and $4.0 billion in network assets for the rollout of the NBN; an increase in $0.3 billion for heritage and cultural assets mainly due to revaluation increments in collections across a number of cultural institutions; an increase of $0.5 billion in intangible assets mainly due to water entitlement acquisitions by the Department of the Environment; and an increase of $0.3 billion for inventory primarily due to an increase in explosive ordnance held by Defence. Australian Government liabilities The Australia Government s total liabilities were $754.1 billion as at 30 June The composition of liabilities is shown in Chart 11 below. Chart 11: Composition of liabilities Provisions 44% Interest bearing liabilities 53% Payables 3% 24

29 Commentary on the financial statements Included in the above categories are the following items: Interest bearing liabilities - Public debt (Treasury bonds, Treasury Notes and Treasury Indexed Bonds); - Bills of exchange and promissory notes issued to international multilateral organisations; - IMF Special Drawing Right Allocation reflecting Australia s cumulative liability to the IMF; and - Finance leases and other loans. Provisions - Australian Government s unfunded superannuation liability; - Annual leave, long service leave liabilities, accrued salaries and wages, separations and redundancies, workers compensation provisions; - Social security, health and education benefit provisions; - Grant provisions for university superannuation, Natural Disaster Relief and Recovery Arrangements and subsidy provisions administered through the tax system; - Provisions for asbestos, decontamination, etc; and - Unearned income, unclaimed monies, outstanding claims and taxation refunds. Payables - Trade creditors, capital creditors and unsettled investment purchases; - Amounts payable to grant or subsidy recipients at period-end; - Personal benefit payables at period-end; - Unearned income and prepayments received; and - Unclaimed monies and outstanding claims. Table 11: Australian Government s liabilities Change Change $b $b $b % Interest bearing liabilities Payables Provisions Total liabilities The Australian Government s liabilities have increased by $112.7 billion (17.6 per cent) since 30 June This included a $82.2 billion (26.1 per cent) increase in interest bearing liabilities to $397.6 billion at 30 June 2014 and a $30.6 billion (10.8 per cent) increase in provisions and payables to $356.6 billion at 30 June The decrease in the bond rate was the main contributor to the overall increase in provisions. A number of Australian Government provisions are long-term in nature and, as such, are subject to variations if the discount rate used in calculating the present value of these liabilities changes. The bond rate change was the key determinant of the $28.3 billion increase in the Australian Government s unfunded superannuation liabilities. The increase of $82.2 billion in interest bearing liabilities includes: an increase of $62.5 billion in the issuance volume of Commonwealth Government Securities (CGS) held by the AOFM; 25

30 Commentary on the financial statements an increase of $18.4 billion in deposits held, including the Reserve Bank of Australia exchange settlement balances; an increase of $2.6 billion in other borrowings which mainly relate to finance leases and right of use licences entered into by NBN Co for its infrastructure assets and premises; an increase of $0.6 billion in loans, primarily bills of exchange & promissory notes issued to the International Monetary Fund by Treasury, partially offset by: a decrease of $2.0 billion in other interest bearing liabilities as a result of the improved performance of derivative contracts by the Future Fund to manage its investment portfolio. The increase in provisions and payables of $30.6 billion included: an increase of $28.3 billion in the superannuation liability resulting from actuarial revaluations, in particular a 0.2 percentage point decrease in the Government bond rate used to discount expected future superannuation payments as well as an increase in the indexation arrangements for some military pensions; an increase of $3.8 billion in Australian currency (notes) on issue; an increase of $1.4 billion in other employee liabilities resulting from actuarial adjustments of $0.7 billion for claims under the Military Rehabilitation and Compensation Act 2004 and an allowance of $0.3 billion for separation and redundancy provisions across a number of agencies; and an increase of $0.9 billion in subsidies payable primarily due to claims on hand for various subsidies administered by the ATO. The above increases in provisions and payables were partially offset by a decrease of $1.4 billion in supplier payables and a decrease in other provisions of $3.0 billion mainly relating to a decrease in grants provisions. 26

31 Commentary on the financial statements Statement of cash flows Table 12: Cash flow Change Change $b $b $b % Cash receipts Operating activities Investing activities in non-financial assets (1.1) (61.1) Financing activities Total cash receipts Cash payments Operating activities Investing activities in non-financial assets Investing activities in financial assets Financing activities Total cash payments Net movement in cash Cash at beginning of the year Cash at end of year Key fiscal aggregate Operating activities (27.5) (10.3) (17.2) Investing activities in non-financial assets (12.6) (9.2) (3.4) 37.0 Cash surplus/(deficit) (40.1) (19.5) (20.6) The Australian Government s cash balance was $4.5 billion at 30 June In the Australian Government recorded a cash deficit of $40.1 billion for , an increase of $20.6 billion compared to a cash deficit of $19.5 billion for The cash deficit reported above differs to the deficit reported in the Final Budget Outcome ( FBO) as the above result is for the whole of government, including public corporations whereas the FBO focuses on the outcome for the GGS. In addition, the FBO excludes Future Fund earnings and includes the net acquisition of assets acquired under finance leases and similar arrangements. 27

32 Commentary on the financial statements Australian Government cash receipts and payments The following charts provide a detailed break-down of Australian Government receipts and payments for , showing the relative composition of each dollar received and each dollar paid. Chart 12: Composition of each dollar of cash received in Sales of goods & serv ices, 5c Other, 2c Interest & div idends, 1c Borrowings & inv estments, 19c Taxes, 73c Taxes: $338.4 billion ( : $326.3 billion) (73 cents of every dollar received in , 82 cents in ) Borrowing and investment: $90.2 billion ( : $40.1 billion) (19 cents of every dollar received in , 8 cents in ) Sales of goods and services: $24.2 billion ( : $23.1 billion) (5 cents of every dollar received in , 6 cents in ) Interest and dividends: $6.3 billion ( : $6.7 billion) (1 cent of every dollar received in , 2 cents in ) Other: $7.1 billion ( : $6.8 billion) (2 cents of every dollar received in , 2 cents in ) Taxation receipts remain the predominant source of Australian Government receipts with 73 cents of every dollar that the Australian Government receives resulting from tax collections in

33 Commentary on the financial statements Chart 13: Composition of each dollar of cash paid in Payment for employees & other, 8c Financing & investing activities, 12c Payments for goods & services, 18c Grants & subsi di es, 30c Personal benefits, 27c Purchases of nonfinancial assets, 3c Interest paid, 3c Grants and subsidies: Personal benefits: Payments for goods and services: Payments for employees and other: Purchases of non-financial assets: Interest paid: Financing and investing activities: $140.1 billion ( : $127.6 billion) (30 cents of every dollar paid in , 32 cents in ) $126.4 billion ( : $116.6 billion) (27 cents of every dollar paid in , 29 cents in ) $85.4 billion ( : $81.7 billion) (18 cents of every dollar paid in , 20 cents in ) $37.2 billion ( : $35.5 billion) (8 cents of every dollar paid in , 9 cents in ) $13.3 billion ( : $11.0 billion) (3 cents of every dollar paid in , 3 cents in ) $14.6 billion ( : $11.8 billion) (3 cents of every dollar paid in , 3 cents in ) $48.6 billion ( : $18.8 billion) (11 cents of every dollar paid in , 4 cents in ) Grants and subsidies, personal benefits and payments for the supply of goods and services are the main items of expenditure for the government, comprising 75 per cent of all payments. 29

34 Commentary on the financial statements Chart 14 provides a trend of the Australian Government s cash receipts and cash payments since $billion 450 Chart 14: Receipts and payments $billion Payments Receipts Future commitments Table 13: Australian Government future commitments Change Change $b $b $b % Capital commitments Other commitments Operating leases Project commitments (0.6) (33.3) Research and development Goods and services contracts (7.2) (45.6) Grant commitments (35.0) (26.5) Other commitments (1.3) (3.5) Total other commitments (41.7) (20.2) Total commitments (38.0) (16.4) less Commitments receivable Net commitments (40.8) (17.8) The Australian Government is committed to future capital expenditure of $28.5 billion as at 30 June 2014, an increase of $3.7 billion since The change is primarily in relation to various collective investment vehicles by the Future Fund, specialist military equipment by Defence and infrastructure, plant and equipment by various agencies. Other commitments decreased by $41.7 billion, primarily as a result of the change in grant commitments by $35.0 billion. The change is largely a result of the timing of 30

35 Commentary on the financial statements multi-year funding commitments. Funding information for payments to States and Territories can be found in the Budget Papers. Contingent liabilities Contingent liabilities are associated with events that are considered possible but not sufficiently probable (or quantifiable) that they should be included in the Balance Sheet. The Australian Government includes those contingent liabilities that were quantifiable in accordance with accounting standards. Table 14: Australian Government contingent liabilities Change Change $b $b $b % Quantifiable contingent liabilities Guarantees (0.0) (0.1) Indemnities (0.2) (48.1) Uncalled shares/capital subscriptions Claims for damages/costs Other contingencies (1.9) (26.0) Total quantifiable contingent liabilities (1.9) (5.2) The Australian Government disclosed a total of $34.5 billion in quantifiable contingent liabilities as at 30 June The total of uncalled shares/capital subscriptions comprised the European Bank for Reconstruction and Development (EBRD), the International Bank for Reconstruction and Development (IBRD), the Multilateral Investment Guarantee Agency (MIGA) and the Asian Development Bank (ADB). The Government has also entered into a contingent bilateral loan with the International Monetary Fund (IMF) to provide up to SDR4.6 billion (A$7.6 billion as at 30 June 2014) to provide additional financial support for crisis prevention and resolution. It will be drawn upon by the IMF only if needed to supplement the IMF s quota and New Arrangements to Borrow (NAB) resources, and any drawings would be repaid in full with interest. The loan is initially effective for two years and can be extended for up to a further two years. These loans are administered by the Treasury. Other quantifiable contingencies include claims made through the legal system. 31

36 Commentary on the financial statements HISTORICAL INFORMATION APPENDIX A The following table presents the key financial results for the Australian Government from the financial year $b $b $b $b $b $b $b OPERATING STATEMENT Revenue from transactions Taxation revenue Non-taxation revenue Total revenue Expenses from transactions Gross operating expenses Current and capital transfers Superannuation interest expense Interest expenses Total expenses Net operating balance 25.6 (25.0) (51.8) (45.7) (39.4) (23.4) (33.3) Net acquisition of non-financial assets Fiscal balance 22.3 (30.0) (59.4) (52.4) (46.3) (28.0) (42.2) BALANCE SHEET Assets Financial assets Non-financial assets Total assets Liabilities Interest bearing liabilities Provisions and payables Total liabilities Net worth (53.9) (103.1) (256.9) (210.5) (264.3) CASHFLOW STATEMENT Operating activities 32.6 (12.7) (44.3) (33.7) (29.6) (10.3) (27.5) Investing activities in non-financial assets (8.0) (10.2) (12.5) (11.5) (12.5) (9.2) (12.6) Investing activities in financial assets (43.8) (26.7) 6.4 (0.9) (6.9) (13.7) (39.9) Financing activities Net movement in cash (0.3) (0.2) 1.6 (0.1) (1.4) Key financial results have been presented from following the introduction of the AASB The outcome was restated consistent with this standard in the CFS. 32

37 APPENDIX B Commentary on the Financial Statements LINKS TO OTHER PUBLICATIONS PUBLISHED BY THE AUSTRALIAN GOVERNMENT ABOUT ITS PROJECTED AND ACTUAL FINANCIAL POSITION FOR THE FINANCIAL YEAR The Australian Government publishes a range of information about its projected and actual financial position. Links to some of these documents are set out below. The information in the following documents has been prepared for different purposes and therefore does not form part of the Consolidated Financial Statements. Further, the documents listed below are not subject to audit Final Budget Outcome The Final Budget Outcome (FBO) has been prepared in a manner consistent with the Charter of Budget Honesty Act 1998 (the Charter). The Charter requires that, inter alia, the Government provide a final budget outcome report no later than three months after the end of the financial year. Consistent with these requirements, the FBO encompasses Australian Government general government sector fiscal outcomes for the financial year and is based on external reporting standards. The FBO is available on the Australian Government website at: Australian Government Monthly Financial Statements The Australian Government Monthly Financial Statements have been prepared on a basis consistent with the Budget as required under section 54 of the Financial Management and Accountability Act The statements are prepared in accordance with the Australian Accounting Standards Board 1049 Whole of Government and General Government Sector Financial Reporting (AASB 1049). The Australian Monthly Financial Statements are available on the Department of Finance website and the Minister for Finance website at: Commonwealth Monthly Financial Statements Department of Finance and Budget Strategy and Outlook and Mid-Year Economic and Fiscal Outlook The Budget Strategy and Outlook Budget Paper , the Mid-Year Economic and Fiscal Outlook and the Budget Strategy and Outlook Budget Paper have been prepared in accordance with the Charter of Budget Honesty Act The aforementioned Budget Papers are available on the Australian Government website at 33

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